98 C I M F I N A N C I A L S E R V I C E S L T D Explanatory Notes 1. GENERAL INFORMATION CIM Financial Services Ltd (‘CFSL’) is a public company limited by shares, incorporated on 15 July 2005 and domiciled in Mauritius. The principal segments of activities of the Company are Consumer Finance, Cards & Payments, Leasing, insurance and Factoring. As at 30 September 2021, its holding company is Cim Holdings Ltd and its registered address is Taylor Smith House, Old Quay D Road, Port-Louis. The Company’s main place of business is at Cim House, cnr Edith Cavell & Mere Barthelemy Streets, Port-Louis. Effective 1 October 2020, CIM Financial Services Ltd (‘CFSL’), [Ex-] Cim Finance Ltd, [Ex-] Mauritian Eagle Leasing Company Limited, [Ex-] Cim Agencies Ltd, [Ex-] Cim Management Services Ltd and [Ex-] Cim Shared Services Ltd were amalgamated with and into the surviving company, CIM Financial Services Ltd, refer to note 2.4. These financial statements have been prepared for the year ended 30 September 2021 and will be submitted for consideration and approval at the forthcoming annual meeting of the shareholders of the company. 2. ACCOUNTING POLICIES 2.1 Basis of preparation The financial statements include the consolidated financial statements of the parent company and its subsidiary companies (the “Group”) and the separate financial statements of the parent company (the “Company”). The financial statements are presented in Mauritian Rupees and all values are rounded to the nearest one decimal place of million (MUR m), except when otherwise indicated. These policies have been consistently applied to all the years presented, unless otherwise stated and where necessary, comparative figures have been amended to conform with changes in presentation in the current year. Following the amalgamation of entities under common control in October 2020 (note 2.4), management has opted not to restate the comparative year figures in the annual reports. The financial statements are prepared under the historical cost convention except that: • Relevant Financial assets and financial liabilities are stated at their fair value. The Company and the Group present their statements of financial position in order of liquidity. An analysis regarding recovery or settlement within 12 months after the reporting date (current) and more than 12 months after the reporting date (non–current) is presented in note 39 of the financial statements. 2.2 Statement of compliance The financial statements of CIM Financial Services Ltd comply with the Mauritius Companies Act 2001 and have been prepared in accordance with International Financial Reporting Standards (IFRSs), as issued by the International Accounting Standard Board (IASB). 2.3 Basis of consolidation The consolidated financial statements comprise the financial statements of CIM Financial Services Ltd and its subsidiaries as at 30 September 2021. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: • Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) • Exposure, or rights, to variable returns from its involvement with the investee, and • The ability to use its power over the investee to affect its returns. When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • The contractual arrangement with the other vote holders of the investee • Rights arising from other contractual arrangements • The Group’s voting rights and potential voting rights. 30 SEPTEMBER 2021 E x p l a n a t o r y N o t e s
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